The coronavirus pandemic has triggered the “largest drop in global energy investment in history”, the International Energy Agency (IEA) has said, launching its World Energy Investment 2020 report.
Oil rose as the head of the International Energy Agency forecast demand will likely grow past its level before the global pandemic.
The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed.
Global oil demand will plunge to its lowest level in 25-years this month, in what the International Energy Agency described as a “staggering” wipeout of nearly a decade’s growth.
After a week-long marathon of calls between world leaders and video conferences featuring dozens of energy ministers, it was the moment the 2020 oil price war finally ended.
Oil held its decline from the dramatic spike earlier in the week as supply assurances from Saudi Arabia and the International Energy Agency calmed the market after the devastating weekend attacks.
Carbon emissions from fossil fuel use hit a record last year after energy demand grew at its fastest pace in a decade, reflecting higher oil consumption in the U.S. and more coal burning in China and India.